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STEP Energy Services seeks to raise $200-million in IPO Add to ...

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STEP Energy Services Ltd. aims to raise roughly $200-million in an initial public offering this year as rising oil prices lift drilling activity.

STEP, backed by private equity firm ARC Financial Corp., said in regulatory documents it would sell the shares at between $14 and $16 per unit. That puts its valuation at about $802-million at the high end, assuming 50.1 million shares outstanding, according to an updated prospectus.

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